Kathianne
11-18-2010, 04:49 PM
Not looking good just yet:
http://pajamasmedia.com/blog/the-2011-tax-tsunami/?singlepage=true
The 2011 Tax Tsunami
Posted By Gary Wickert On November 18, 2010 @ 12:00 am In Uncategorized | 23 Comments
The midterm elections are over, and the results can be summed up in one word: change. The Obama agenda has been rejected, as has government-run health care. Also turned back was any effort to fundamentally transform the United States. Americans witnessed a total rejection of fiscal recklessness and sent a clear message to Washington: handle our finances just like everyday Americans handle their own finances. Also big losers on November 2 were big government and the divisive two Americas approach — haves vs. have-nots, rich vs. poor, white vs. black. The American voter reminded the White House and the Democratic Party that we are all Americans.
A gain of more than 60 seats in the House represents the biggest such gain since 1948. Yet the gravest of dangers here is for Republicans to read the election tea leaves as a pat on the back for them. It wasn’t. November 2 was a simple bipartisan message sent by voters along a wide political spectrum: Stop spending and keep government out of our lives. Keep taxes low. Get government out of the way of job creation. Lest we forget, the election of 2008 spanked Republicans for precisely the same misdemeanor: spending money we don’t have. Budgets transcend politics; they either balance or they don’t.
Conservatives now have a daunting task ahead of them, and very few tools with which to accomplish it. With a Democrat-controlled Senate and a lame-duck president in the Oval Office, Republicans are heading to a knife fight wielding a spoon. In less than three months, the largest tax increases [1] in U.S. history will take effect, and most people don’t even realize it. These massive tax increases will take effect on January 1, 2011, and the same folks who can’t understand why spending a trillion dollars on pork-laden government projects, union dole-outs, and ACORN [2] doesn’t create private sector jobs are clueless as to the devastating effect these historic tax increases will have on our economy in 2011. Despite the midterm victories we enjoyed, the tax tsunami is coming.
Instead of freezing government employment, freezing growth in discretionary spending, vetoing every spending bill choked with earmarks, working to regain an effective line-item veto, and extinguishing wasteful government programs, the White House has the veto power and will undoubtedly use it. Our president’s strongly held political religion firmly believes that the new taxes and even more government spending is necessary to fix a $1.4 trillion deficit which the White House itself created and to reduce a national debt which the White House itself worsened.
...
Americans for Tax Reform [12] has summarized the Democrats’ scheduled tax hikes in three separate tidal waves, the first of which will hit shore on January 1, 2011:
First Wave [12]
Bush Tax Cuts Expire.//
Second Wave [13]
Obamacare will be the focus of congressional wrangling over the next two years, but it is unlikely to be repealed in that time.//
Third Wave [13]
The Alternative Minimum Tax and Employer Tax Hikes...
...
The new conservative majority in the House of Representatives has a task of Herculean proportions staring them in the face. The fallout from the coming tax storm will be a crash in tax receipts of monumental proportions, even higher deficits, and more record unemployment. If you thought the Obama “recovery” of 2010 was bad, just wait until 2011.
http://pajamasmedia.com/blog/the-2011-tax-tsunami/?singlepage=true
The 2011 Tax Tsunami
Posted By Gary Wickert On November 18, 2010 @ 12:00 am In Uncategorized | 23 Comments
The midterm elections are over, and the results can be summed up in one word: change. The Obama agenda has been rejected, as has government-run health care. Also turned back was any effort to fundamentally transform the United States. Americans witnessed a total rejection of fiscal recklessness and sent a clear message to Washington: handle our finances just like everyday Americans handle their own finances. Also big losers on November 2 were big government and the divisive two Americas approach — haves vs. have-nots, rich vs. poor, white vs. black. The American voter reminded the White House and the Democratic Party that we are all Americans.
A gain of more than 60 seats in the House represents the biggest such gain since 1948. Yet the gravest of dangers here is for Republicans to read the election tea leaves as a pat on the back for them. It wasn’t. November 2 was a simple bipartisan message sent by voters along a wide political spectrum: Stop spending and keep government out of our lives. Keep taxes low. Get government out of the way of job creation. Lest we forget, the election of 2008 spanked Republicans for precisely the same misdemeanor: spending money we don’t have. Budgets transcend politics; they either balance or they don’t.
Conservatives now have a daunting task ahead of them, and very few tools with which to accomplish it. With a Democrat-controlled Senate and a lame-duck president in the Oval Office, Republicans are heading to a knife fight wielding a spoon. In less than three months, the largest tax increases [1] in U.S. history will take effect, and most people don’t even realize it. These massive tax increases will take effect on January 1, 2011, and the same folks who can’t understand why spending a trillion dollars on pork-laden government projects, union dole-outs, and ACORN [2] doesn’t create private sector jobs are clueless as to the devastating effect these historic tax increases will have on our economy in 2011. Despite the midterm victories we enjoyed, the tax tsunami is coming.
Instead of freezing government employment, freezing growth in discretionary spending, vetoing every spending bill choked with earmarks, working to regain an effective line-item veto, and extinguishing wasteful government programs, the White House has the veto power and will undoubtedly use it. Our president’s strongly held political religion firmly believes that the new taxes and even more government spending is necessary to fix a $1.4 trillion deficit which the White House itself created and to reduce a national debt which the White House itself worsened.
...
Americans for Tax Reform [12] has summarized the Democrats’ scheduled tax hikes in three separate tidal waves, the first of which will hit shore on January 1, 2011:
First Wave [12]
Bush Tax Cuts Expire.//
Second Wave [13]
Obamacare will be the focus of congressional wrangling over the next two years, but it is unlikely to be repealed in that time.//
Third Wave [13]
The Alternative Minimum Tax and Employer Tax Hikes...
...
The new conservative majority in the House of Representatives has a task of Herculean proportions staring them in the face. The fallout from the coming tax storm will be a crash in tax receipts of monumental proportions, even higher deficits, and more record unemployment. If you thought the Obama “recovery” of 2010 was bad, just wait until 2011.